XN000022-1986-01-19 — Page 6

SUNDAY, JANUARY 19, 1986

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MR GLEESON ALSO REPORTED MAJOR INCREASES OF ACTIVITY IN MOST AREAS IN THE COMMERCIAL DIVISION OF THE DEPARTMENT DURING 1935.

THE TOTAL NUMBER OF OVERSEAS COMPANIES WHICH HAD ESTABLISHED BUSINESS IN HONG KONG AT THE END OF LAST YEAR, AS COMPARED WITH THE TOTAL NUMBER AT THE END OF 1984, INCREASED BY FOUR PER CENT FROM 2 005 TO 2 092.

THE NUMBER OF NEW OVERSEAS COMPANIES ESTABLISHING BUSINESS IN HONG KONG DURING 1985 WAS 231, AN INCREASE OF SEVEN PER CENT OVER THE NUMBER OF SUCH COMPANIES IN 1984.

MR GLEESON SAID, HOWEVER, THAT SOME OVERSEAS COMPANIES INCORPORATE LOCAL SUBSIDIARIES OR TAKE UP A MAJORITY SHAREHOLDING IN HONG KONG COMPANIES, AND THIS WOULD NOT SHOW UP IN THE STATISTICS.

IN 1985, EXISTING COMPANIES INCREASED THEIR NOMINAL CAPITAL BY $14 412 MILLION, AN INCREASE OF 10 PER CENT OVER THE INCREASE OF $13 141 MILLION IN 1984, WHILE THE NOMINAL CAPITAL OF NEW COMPANIES INCORPORATED DURING THE YEAR INCREASED BY 12 PER CENT FROM $3 277 MILLION TO $3 664 MILLION.

THE TOTAL AMOUNT SECURED BY CHARGES REGISTERED ON THE ASSETS OF COMPANIES DECREASED BY 0.1 PER CENT DURING 1985, FROM $30 495 MILLION TO $30 455 MILLION, WHILE THE AMOUNT REPAID ON CHARGES, AS EVIDENCED BY CERTIFICATES OF SATISFACTION, DECREASED BY 58 PER CENT FROM $14 513 MILLION TO $6 123 MILLION IN THE SAME YEAR.

DURING 1985, A TOTAL OF 116 PROSPECTUSES OF PUBLIC COMPANIES, INCLUDING 68 IN RESPECT OF MUTUAL FUNDS. WERE APPROVED AS AGAINST 90 PROSPECTUSES, INCLUDING 50 IN RESPECT OF MUTUAL FUNDS, DURING THE PREVIOUS YEAR.

THE TOTAL NUMBER OF DOCUMENTS RECEIVED DURING 1985 WAS 462 418, AN INCREASE OF 40 PER CENT ON THE 1984 FIGURE OF 331 055.

THE NUMBER OF ENQUIRIES FOR RESERVATION OF COMPANY NAMES DURING 1985 WAS 150 093 WHICH WAS A 39 PER CENT INCREASE OVER 107 996 IN 1984.

ANOTHER FEATURE OF THE WORK OF THE COMPANIES REGISTRY LAST YEAR WAS THE NUMBER OF PROSECUTIONS BROUGHT BY THE REGISTRAR OF COMPANIES AGAINST COMPANIES AND THEIR DIRECTORS FOR BREACHES OF THE COMPANIES ORDINANCE, MAINLY FOR FAILURE TO FILE ANNUAL RETURNS WITH ACCOUNTS.

A TOTAL OF 532 SUMMONSES WERE ISSUED IN 1985, COMPARED WITH 441 DURING 1984. OF THESE 229 WERE WITHDRAWN FOR REASONS SUCH AS NON-SERVICE, 338 RESULTED IN CONVICTIONS COMPARED WITH 135 IN 1984, AND 201 REMAINED TO BE HEARD BY THE COURT.

/THE TOTAL

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